Thar sounds very good idea and so easy to understand ! 

As for the Capital Gains exclusion, talk to a CPA to fully understand how that works...

Im gathering some information to have a better understanding with a FHA Loan for my first house hacking multi family property, and how to convert into conventional  loan or commercial loan .

So If I understand this I would be looking at base rate +4.125 then whatever additional rate the lender is adding on, minus points to buy the rate down? 

(we once paid $1800 to a big name plumber in town to replace 6in of plastic drainpipe under a stand alone tub). 3) We need better understanding of the legal structure (LLC) that we should have in place for our property, and also a tax advisor (CPA) to help with understanding deductions.

I understand it is perfectly legal for other entities to be "Partners/Members/Managers" in this new Partnership/LLC.

Understanding and taking advantage of the variety of tax credits boosts the return on your property and allows you to be part of the move to conserve our nation’s historic treasures.When rehabilitating or investing in the rehabilitation of an eligible historic or non-historic building, you may be able to take advantage of one or both of the historic tax credits: 1) Historic Tax Incentives and 2) Historic Preservation Tax CreditsYou can receive a federal income tax credit equal to 20% of the costs associated with rehabilitating the building.

I personally own a personal home for the past 7 years so I kind of understand what can go wrong and things of that nature besides being a landlord, I never rented where I live just yet.i do agree with you, I’m still okay with going after a single family especially if it’s a great deal, why pass on it but, I do want to take it easy whether it is a single family or not, a duplex would still be a little considered easier compared to like a triplex or a quad. 

This is the first year my prior home became a rental and I understand that depreciation is only for the value of the home.  

However, I totally understand your frustration and concern.